DEPARTMENT OF ECONOMICS
Professors: Mario L. Belotti (W. M. Keck Foundation Professor), William F. Donnelly, S.J., Alexander J. Field (Michel and Mary Orradre Professor), John M. Heineke, William A. Sundstrom (Department Chair), Thaddeus J. Whalen Jr.
Associate Professors: Henry Demmert, Carolyn L. Evans, Linda Kamas, Michael Kevane, Kris J. Mitchener, Helen Popper, Thomas R. Russell
Assistant Professor: Dongsoo Shin
Acting Assistant Professor: Homa Zarghamee
The Department of Economics offers a degree program leading to the Bachelor of Science in Economics. As one of the social sciences, economics studies how the choices we make as individuals – as consumers and producers, as savers and investors, as managers and employees, as citizens and voters – combine to determine how society uses its scarce resources to produce and distribute goods and services. This practical, useful discipline provides insights into such important issues as the determinants of wealth and poverty; of unemployment, inflation, international trade, and economic growth; of success and failure in the marketplace. The rigorous, systematic analysis that the study of economics brings to bear on these and other real-world issues provides excellent preparation for careers in both the private and the public sectors, as well as for graduate study in economics, business, public policy, and law. Economics graduates pursue varied careers in business, law, banking and finance, government service, education, and private consulting.
REQUIREMENTS FOR THE MAJOR
In addition to fulfilling University Core Curriculum and College of Arts and Sciences requirements for a Bachelor of Science degree, students majoring in economics must complete the following departmental requirements:
- ECON 1, 2, and 3
- MATH 11 and 12 or MATH 30 and 31
- OMIS 40 and 41 or MATH 122 and 123
- ECON 113, 114, 115
- Either ECON 181 or 182
- ECON 190,
- Four approved upper-division economics electives, two of which must be completed after ECON 113 and 115
REQUIREMENTS FOR THE MINOR
Students must fulfill the following requirements for a minor in economics:
- ECON 1, 2, 3, 113, 115
- Two additional approved upper-division economics courses
- MATH 11 or 30
LOWER-DIVISION COURSES
1. Principles of Microeconomics
Introduction to microeconomics and its applications to business decisions and public policy. Topics include supply, demand, and the coordinating role of prices in a market economy; the behavior of business firms, including output and pricing decisions; competition and monopoly; government policies and regulations affecting markets. (4 units)
2. Principles of Macroeconomics
Determinants of national income and product in the long run and short run; inflation, unemployment, and business cycles; monetary and fiscal policies. Prerequisite: ECON 1. (4 units)
3. International Economics, Development, and Growth
Analysis of international trade theory and policy, balance-of-payments adjustments and exchange rate regimes, growth and development, global poverty and inequality, and development-related policy. Prerequisites: ECON 1 and 2. (4 units)
UPPER-DIVISION COURSES
Prerequisites: Unless otherwise noted, ECON 1, 2 and 3 are required for all upper-division economics courses.
101. Resources, Food, and the Environment
Exploration of relationships among food production, resource use, and the environment. Topics include biotechnology, the green revolution, resource depletion, environmental degradation, and food safety. (5 units)
111. Economics of the Environment
Economic analysis of environmental issues and government policies for environmental protection. Applications to important environmental issues, such as global climate change, water and air pollution, hazardous wastes, biodiversity, and endangered species. Prerequisite: ECON 1. (5 units)
113. Intermediate Microeconomics I
Theory of rational individual choice and its applications to decision making, consumer demand, and social welfare; theory of the firm; production and costs. Additional prerequisite: MATH 11 or 30. (5 units)
114. Intermediate Microeconomics II
Determination of price and quality by profit-maximizing firms under different market structures; strategic behavior; general equilibrium; market failure and government policies. Additional prerequisite: ECON 113. (5 units)
115. Aggregate Economic Theory
Macro, or aggregative, aspects of the economy, emphasizing modern macroeconomic models for explaining the level of output, employment, and prices. Additional prerequisite: MATH 11 or 30 (5 units)
120. Economics of the Public Sector
Microeconomic analysis of the role of government in the market economy. Supply of public goods and services, government’s role in controlling externalities and regulating private industry, and the economics of the political process. (5 units)
122. Money and Banking
Theoretical, institutional, and historical approach to the study of money and banking, with particular emphasis on the relationship between the monetary and banking system and the rest of the economy. (5 units)
126. Economics and Law
Economic analysis of law and legal institutions focusing on the common-law areas of property, contracts, and torts. (5 units)
127. Public Finance: Taxation
Analysis of various tax policies and their effect on the economy. Individual income taxes, corporate income taxes, consumption taxes, payroll taxes, state and local taxes, and other alternative forms of taxation. (5 units)
128. Business Cycles and Forecasting
Study of the nature and causes of economic instability. (5 units)
129. Economic Development
Causes and consequences of economic growth and poverty in less developed countries; analysis of the role of government policies in economic development. (5 units)
130. Latin American Economic Development
Examination of the economic development of Latin American countries, with particular emphasis on the relationships between economic growth and their social, political, and economic structures. (5 units)
134. African Economic Development
Economic problems and development of sub-Saharan Africa with emphasis on the relationships among social, political, and economic factors. (5 units)
135. Gender Issues in the Developing World
Explores the gendered nature of poverty in the developing world, with special focus on sub-Saharan Africa, using basic economic analysis. (5 units)
136. 20th-Century Economic History
Focuses on the development of the U.S. economy during the 20th century. Topics include the causes and consequences of economic growth, the Great Depression, the rise of government regulation, the changing role of women in the workforce, and the increasing internationalization of markets during the postwar period. Additional prerequisite: ECON 115. (5 units)
137. World Economic History
Development of Western and non-Western economies since the late 19th century. Topics include globalization and economic integration, convergence and divergence in economic growth across countries, international monetary systems, the impact of alternative policies and institutional regimes on economic performance. (5 units)
138. History of Economic Thought
Origins and evolution of modern economic ideas in their historical and philosophical context. Emphasis on the thories of Adam Smith, David Ricardo, Karl Marx, and the marginalists. (5 units)
139. American Economic History
Study of growth and institutional change in the U.S. economy since colonial times. Topics include early industrialization, the economics of slavery, and the rise of large business enterprises and labor unions. (5 units)
150. Labor Economics
Study of labor productivity, incomes, and employment and how these are affected by labor organizations and labor legislation. Additional prerequisites: OMIS 41 and ECON 113. (5 units)
155. Economics of Immigration
Examines economic impacts of post-1967 immigration to the United States. Topics include determinants of the migration decision, extent of “assimilation” of immigrants into the U.S. educational system and economy, and economic impacts of immigration on natives. Additional prerequisite: OMIS 41. (5 units)
156. Real Estate Economics
Economic analysis of real estate markets, including supply of and demand for land and improvements, legal aspects of real estate ownership and transactions, government regulation and taxation of real estate, and real estate markets in urban and regional economies. Additional prerequisite: OMIS 41. (5 units)
160. The Economics of Poverty and Inequality
Examines theories and evidence regarding poverty and economic inequality in the United States. Evaluates alternative public policies aimed at combating poverty. (5 units)
163. Ethics and Economic Thought
Use of welfare economics to investigate the issues of distributive justice and market allocation. Topics include utilitarianism, Rawls’ maximin principle, Nash fairness, and Arrow’s impossibility theorem. Additional prerequisite: ECON 113. (5 units)
170. Mathematical Economics and Optimization
Generalization and reformulation of many familiar micro- and macroeconomic models as mathematical systems. Focus on exploring the properties of these models using mathematical techniques. Additional prerequisites: MATH 12 or 31, ECON 114 and 115 or permission of instructor. (5 units)
172. Game Theory
Study of multi-person decision problems. Topics include solution concepts for games, strategic behavior, commitment, cooperation, and incentives. Games of complete and incomplete information. Emphasis on applications to real-world economic behavior. Additional prerequisites: ECON 114 and MATH 12 or 31. (5 units)
173. Econometrics
Statistical methods to analyze economic data. Estimation and hypothesis testing using multiple regression; time series and cross-section data. Additional prerequisites: MATH 12 or 31, and OMIS 41. (5 units)
181. International Trade
Analysis of the theories of international trade and strategic interactions; assessment of the empirical patterns of trade; analysis of the political economy of protection, and applications to policies guiding international competition. (5 units)
182. International Finance and Open Economy Macroeconomics
Analysis of the monetary aspects of international economics, including the balance of payments, exchange rates and foreign exchange markets, speculative attacks and currency crises, and the implications of international trade and capital flows for macroeconomic activity and policy. (5 units)
185. Economics of Technological Change
The economic determinants and consequences of technological change. Topics include research and development, joint ventures, patents and other intellectual property, university-industry and government-industry collaboration, and the relationship between antitrust and other regulatory policies and technological advances. (5 units)
188. Economics Seminar
Modern economic theories and problems. Satisfies ECON 190 requirement for economics majors in the College of Arts and Sciences. Admission by invitation only. (5 units)
190. Senior Seminar: Economic Policy and Perspectives
Application of economic analysis to contemporary policy issues. Additional prerequisites: OMIS 41; ECON 114 and 115. Must have senior standing. (5 units)
199. Independent Study
Independent projects undertaken by upper-division students with a faculty sponsor. Independent studies are normally permitted only under special circumstances. Prerequisite: Written proposal must be approved by instructor and chair at least one week prior to registration. (1-5 units)
